Did “Free Pizza” catch your attention? Including a Free Pizza in an advert for tenant-buyers is a great trick that I learned from someone else. The Free Pizza ad works almost every time. The point is that we can all learn from each other about how to screen tenant-buyers for sandwich lease options!
It’s amazing what people will do for a free pizza. Here’s the trick, offer tenant-buyers a free pizza for every month they pay the rent on time. You’ll get dozens of people applying for your sandwich lease options. You’ll be able to place top quality tenant-buyers in your sandwich lease option properties.
There are many many ways to reach sandwich lease option buyers.
How to Screen Tenant-buyers Begins with a Large Pool of Applicants
How to screen tenant-buyers begins by having a large pool of highly qualified applicants. Think of something short and catchy to put in the ad, things that might reflect a holiday, something about the time of the year, location, etc. I’ve used romance, in an advert about enjoying a glass of wine with a lover in your private backyard. A nearby park for the kids catches the eyes of parents needing a bigger home. There are a lot of ideas for highlighting almost any white picket fence home.
Of course, there is always the biggest attraction of all:
“Bad credit, no credit, poor credit, we can help. We have homes in this area to help you get your credit re-established. Own a home soon! Small amount needed to get in. (222)333-3333”
Referrals from Realtors® Bring Highly Qualified Tenant-buyers
Right now, times are tough for many buyers. They have been saving for months and even years but still don’t have quite enough to qualify for a mortgage. Realtors® can’t do very much for these people. About the only thing Realtors® can say is, “come back when you have a mortgage preapproval letter.” That does nothing for the buyer and doesn’t do anything for the Realtor® either. The Realtor® does a lot better for their word of mouth reputation when they have an alternative to offer.
As I said, these people have already been saving a down payment for months or years. This is at the heart of the definition for “how to screen tenant-buyers.” Matching what you have to offer with clients that Realtors® can’t help directly is a match made in heaven. There are so many ways to make this work for both you and the Realtor® that I’ve created an entire course on the subject (Working with Realtors).
One way to entice Realtors® to work with you is by offering a handsome referral fee for every client they send to you that becomes one of your tenant-buyers. Another way is to offer to pay them the commission if the tenant-buyer finalizes the home purchase down the road a few months.
Get Realtors® to give you the name and numbers of the people that come through their doors.
Your Website is Also Valuable for How to Screen Tenant-buyers
Your website is probably the least expensive way to advertise your homes and find tenant-buyers. A well-organized website packs a lot of information that tenant-buyers can browse at their own pace. All you need is to have access to the internet and an email account. If you’re not website savvy, you hire a high school or college kid to set up a website for you. You can put up an almost unlimited amount of information on your website. Then you place a short, eye-catching advert in a newspaper that includes your website address where the tenant-buyer finds all of the details.
On your website, one section should explain the basics of the lease option process. Another section features the lease option homes that you currently have available. Make the home feature page prominent. Once the tenant-buyer is enticed with an advert about a romantic glass of wine in the privacy of their own backyard, the tenant-buyer becomes motivated to meet the lease option requirements right after they see the features of the white picket fence home.
Websites are one of the best ways to show your prospects the details of how lease options work along with the details of a particular home.
Just like the free pizza or a romantic glass of wine advertising, there are powerful strategies for how to screen tenant-buyers. One is the “new car” strategy that is all about their budget and how much home they can afford. When people shop for a new car, they ask themselves two basic questions. 1. How much is the down payment?. 2. How much is the monthly payment? These are the same questions that tenant-buyers ask about a lease option purchase. If they can come up with the down payment and afford the monthly payment, it doesn’t matter very much what the purchase price is or the terms (within reason). The conclusion is that the end price is not as important as the terms. But your big profit is in the purchase price and lease options give terms to people with less than perfect credit (WIN-WIN)!
Some people have poor credit for a reason. They are good people that had something bad happen to them.
Bad things happen to good people.
Bad credit can be caused by many different situations including: loss of a job, divorce, medical problems with no medical insurance, disabilities, etc. These bad things can cause problems to a person’s credit. Now, they have turned their finances around and are on their way up again. They have improved their situation, but not enough to go out and buy a home yet.
These are the types of buyers you want buying your lease option homes.
Is giving away a free pizza worth earning tens of thousands as a sandwich lease option investor? I believe it is. Here are several courses to jump start your real estate investing in 2021:
- Investing In Real Estate with Lease Options.
- Advanced strategies for Buying and Selling with Lease Options.
- Your Wealth Building Arsenal.
- Add Personalized Coaching.
- Cooperative Lease Options.
- Expand to Get the Deed “Subject To.”
- The time-proven method for Working with Realtors.
By Wendy Patton
For more than 30 years, I’ve used the Sandwich Lease Option System to earn myself and my students millions of dollars. From my experience, I know there is plenty of room and opportunity in the real estate investment market for everyone wanting to participate to find profitable deals. It’s because of that fact and my personal success that I share the Sandwich Lease Option System with others.
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